The typical sequence has actually GDP released the day after the RBA has its routine first Tuesday of the month meeting, however with the with RBA meeting later in the 2nd week of June, the board will have a few days to see how the figures stack up with their view of the economy and whether instant action is required.
However, even a weak number is unlikely to activate another rate cut next week with RBA probably waiting to see the next inflation figures prior to making another relocation.
That indicates the next "live" meeting is most likely to be in August.
The headline number must see growth coming in around 0.6 per cent over the quarter for an annualized rate of 2.6 per cent, a repeat of the outcome recorded in the last quarter of 2015.
" Unlike that outcome, the Q1 quarterly print doesn't have the weak base from one year ago with which to flatter the annual development rate," Citi economic expert Mr. Brennan said.
On that basis and despite the flat result, the annual development is likely to slide back from 3 percent to 2.6 percent, plonking it back around its post-GFC average.On Citi's numbers that has to do with 25 basis points below the economy's present potential for development, which is an argument for giving it a mild monetary push.
A portion of the numbers comprising the GDP outcome was published last week - construction (bad) and capex (even worse) - with the rest of the partials being released in flurry prior to Wednesday.The greatest motorists of GDP growth are wages and earnings -comprising around three-quarters of the final number - but neither are most likely to shoot the lights out with Citi forecasting small gains of 0.4 per cent and 0.5 percent respectively when launched on Monday.
Trade - or more notably net exports - is most likely to come to the rescue in spite of another big current account deficit to be published on Tuesday.
The very first quarter current account deficit is most likely to be around $20 billion - about 5 percent of GDP and slightly narrower than the $21 billion in the previous quarter - as export volumes improve the back of the huge investments in mining infrastructure.
Federal government spending will be a modest factor, although probably lower than the previous quarter when the commissioning of HMAS Adelaide drifted the GDP boat.
House rates likely to be up 10 percent throughout the years
There has also a host of other information out today not flowing into the first quarter GDP number.
Real estate determines consist of brand-new home sales (Monday), the volatile structure approvals (Tuesday) and the always sweated upon CoreLogic RP Data house price series (Wednesday).
UBS economist Scott Haslem said day-to-day on-line information recommends the RBA's May rate cut supported an extremely strong 1.6 per cent rise in house rates over the month.
" This sees the [yearly figure] re-accelerate to a flourishing, and likely unsustainable 10 per cent after 7.3 per cent in April, and might re-ignite the debate around the need for any additional RBA rate cuts or renewed macro-prudential policies," Mr. Haslem stated.
Trade (Thursday) need to see the deficit narrow a little in April to around $2 billion, as higher commodity costs increase export values while import values on balance are likely to be flat.
Retail sales (Thursday) might slip from last month's 0.4 per cent growth as the warm Autumn is most likely to be a drag, but the yearly growth rate of around 3.6 per cent remains good, but hardly stunning.
United States unemployment may drop to 4.9 per cent
The overseas data flow is quieter and the mood will mostly be defined by a growing acceptance of the United States raising rates earlier rather than later.
Wall St closed strongly on Friday with the broad-based S&P 500 up 0.4 percent in spite of Federal Reserve chair Janet Yellen stating another rate increase in coming months would be "necessary" if growth and the jobs market continued to improve.
GDP figures launched on Friday showed the US economy grew at a sluggish yearly speed of 0.8 percent, however this was up on the 0.5 percent in the previous quarter.
Given Dr Yellen's remarks, the crucial US occasion of the week will be the May work report which need to continue with the pattern of producing around 200,000 new tasks a month, although a number better to 150,000 is the popular suggestion.
The unemployment rate need to edge down a notch to 4.9 per cent, which will tighten up the Fed's itchy finger on the rates trigger.
The pulse of global production will be taken with purchasing managers' index information for the Europe, the United States and China being the launched.
They are most likely to be fairly uninspiring along the respective lines of "the all right, so-so and a bit ugly."The European Central Bank likewise fulfills (Thursday) and absolutely nothing much is likely to happen provided President Mario Draghi's comment that "patience was needed" after he fired the last volley from his still smoking financial bazooka.